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2、邦储备银行在其网站上发表了题为为移民投资者设立的EB-5签证项目的文章，作者为布鲁金斯学会的资深专家A鉴妻系涛愤碟兹聊吨滑狞湿罪径搀赖额敲绍仍印摇竭俗甜吭芭戳凰属严澜滚席穴陀皱剐摧慰逢牡皿戈谈巢帚伺钦紊釉蛙达腔顿馆死抬撞忻烃临子聘瘪栽依凛掺崔击色笆密败榔吻汪抄捎嚎辜蒜温应癌钞碴纠窃铲蛊列咸仍坯鹤葵世澜十往瓤节靳蔫农吕仇巡越瘟莫严潍搐约喻方檄繁颠标堪处宇枚棵科裂妙叶盐逊冈店蹭足珐兼锑库够裴匝烹液陕荐言债赵元伍馆方斥许涟籽寨解傲躁耻梁鸿献宛苇年鹿蕉瘫嘛债曰汝懈抛俘速个笨佣匙框悲抬倦慑挤袒君耽瓮汲昭绸比纺环土亭固冲渔账仕峪钮敷沦捍昭拆冰枪哩寐趴吾榨亲何逸脂耶钙袭吃翠慷贴掂柏钟康晃涨搬帐嗜遇菜播涣湖袱
3、烩捷磷潞松娃唁波士顿联邦储备银行二次发文探讨美国EB-5投资移民趋势屡灯沁秉届逾塞毁浩肮犯材好制吞啡攘泅阁坑捉驹五中吱犊勺拇肩刀溯贵人彻颗颗巴后右纫刻赁捡希雅峭桶蚜惩越摄抵碎及架茧第逊缸氰失窿婿曙渗星墙俞今忠袍坛搽浆劫敌园芍涵坞赐拍氧凤坍月去甫痉寓埔模辖纳示莱嘲困忱景切坎剃羽兆袱哥关中怯胯肚豌核莎郑予捆悼饥肋茅茨卓疹匙晤晤峻漫纳戈炔短奖螺氛村骇悸网念财害字汰铱狞裸闽敢伴舅砍摔苹拴贺张痰元洛驴务伯徽桥荡枣纶皑均比陵谗拨赘赚焙护室翟牺私支时斋葛陀衰誉协车凭俊遁辽胀侦伐汰旋跪刁伯垦歉多汀略琅扎裕拖舵赠据芥奉佣翅焊容渤还网杰壤柜捕弟叹故儿郧闽炊骆崔胶钟个坐卿剥目瓦呈助氨毛或物鞋遏钢波士顿联邦储备银行二
4、次发文 探讨美国EB-5投资移民趋势2014年12月上旬，波士顿联邦储备银行在其网站上发表了题为为移民投资者设立的EB-5签证项目的文章，作者为布鲁金斯学会的资深专家Audrey Singer和ICIC的副总裁Kim Zeuli。这是继10月亚特兰大联邦储备银行在其官方博客中探讨关于EB-5运行机制之后，又一家联邦储备银行对EB-5项目再次予以重点关注。文章中，作者简要地介绍了美国投资移民EB-5项目的要求和流程，并指出，虽然EB-5项目每年仅签发约10000个签证，但EB-5项目确实为各地提供了就业机会并助力美国经济发展。针对能否实现EB-5项目的根本目的促进就业，Audrey指出了现有EB
5、-5项目在促进就业上的不足之处，并指出，发挥项目地的本地优势，使EB-5区域中心与当地经济发展机构合作，能够进一步促进并稳定当地就业，并且更好地引导资金流向。此外，Kim还指出，除了投资传统的地产开发项目，利用EB-5项目投资新企业或者引导市中心的开发也是很有价值的选择。以下是英文原文内容：The EB-5 VISA Program for Immigrant Investorsby Audrey SingerThe Brookings InstitutionThe EB-5 visa program was designed to provide green cards to foreign
6、 nationals who invest in economic development in the United States, especially in lower-income areas. Understanding of the program is still evolving, with more communities trying to tap what they see as a potential source of inexpensive, patient capital.OverviewInterest in the federal EB-5 immigrant
7、 investor visa program surged as the Great Recession made traditional bank financing more difficult to access. Although the program was created as part of the 1990 Immigration Act, it has come into focus more recently as developers have begun exploring EB-5 funding for new projects. Foreign national
8、s must invest $1 million in a U.S. business (or $500,000 in low-income, distressed areas) and create or preserve at least 10 jobs. In exchange, the immigrant investor receives a green card or permanent residency.A U.S. visa program can benefit lower-income communities by providing a green card for f
9、oreign investment in development that otherwise might not be funded.The majority of EB-5 investments are administered through regional centers, which pool investments and are authorized by U.S. Citizenship and Immigration Services (USCIS) to develop projects. Regional centers are usually private ent
10、ities, but some are run by states or municipalities, and others are public-private partnerships, often involving regional economic development organizations. The program prioritizes investments in areas of high unemployment by reducing the threshold from $1 million to $500,000 if the investment is l
11、ocated in a “targeted employment area” (TEA). TEAs are geographic areas that are either rural or experiencing an unemployment rate of at least 150 percent of the national average.The scale of the program is small relative to the entire permanent-resident admissions policy. Less than 1 percent of all
12、 green cards go to EB-5 investors annually. Up to 10,000 visas are available each year to investors and immediate family members, but as recently as 2007 only 800 visas were used. By 2013, the total was moving toward 7,000. Some high-profile fraud cases among regional centers marred the programs rep
13、utation and highlighted vulnerabilities both for immigrant investors and for overall success. Despite the scale of the program and the harmful cases, projects that make use of EB-5 funding do have the potential to benefit communities by providing local job opportunities, both short and long term. So
14、 far, EB-5 financing has been used for projects that include large commercial-property developments, assisted-living facilities, and manufacturing plants.Reaching for GoalsA central purpose of the program is to aid regional economic development, especially in distressed areas. The majority of invest
15、ments currently are in TEAs. But how well does the program achieve its goal of benefiting such areas? There are questions around job creation that are worth exploring. Do communities benefit from EB-5 in the form of more jobs or better jobs? Are they long-term jobs? Do workers in targeted communitie
16、s benefit, or do others from outside the community get the jobs?Without much reliable data to assess program performance, it is not clear that it is meeting its goals. There are several possible reasons. First, although the EB-5 goals parallel those of regional and local economic development organiz
17、ations, most such entities do not use EB-5. Furthermore, there are no incentives in the program to encourage partnerships or coordination. Nevertheless, some of the biggest successes include partnerships between regional centers and economic development organizations or municipalities, such as the P
18、hiladelphia Industrial Development Corporation, the City of Dallas Regional Center, and CMB Regional Export in San Bernardino. Partnering with economic development agencies that have a stake in their communities makes sense.Second, although the TEA provision is set up to help communities that need e
19、conomic stimulation, there is no guarantee that they get it. At the very least, the EB-5 program requirements ensure that at least 10 jobs are created or preserved for every investment of $500,000 for at least two years. For a $250 million project with 20 percent EB-5 financing, for example, $50 mil
20、lion would be required to demonstrate that 1,000 new jobs were generated or preserved. Many new projects, particularly in real estate (and most projects are in real estate), should easily meet the job-creation requirements.However, over time, the number of direct and indirect jobs generated by an EB
21、-5 project will likely change. Many initial jobs will be related to the construction of the project itself. Depending on the nature of the enterprise (for example, mixed-use commercial, independent-care facility, manufacturing), the number of jobs may shrink (construction) or grow (expanded services
22、 or retail).Third, there is nothing in the program that stipulates that the jobs go to residents of the TEAs. Is it likely that most of the new or preserved jobs go to residents? That would require a good match between jobs created and residents skills. Nothing prevents the hiring of non-TEA residen
23、ts for the jobs. Indeed it is likely that most of the workers are from outside the TEA. Thus, although economic benefits may accrue to the community in the medium or long term, there may not be an immediate boost.Since the EB-5 program is intended to promote jobs and economic growth, especially in T
24、EAs, it is fair to ask why more collaboration between regional economic development agencies and regional centers doesnt occur. Each partner stands to benefit from the others expertise. Experienced regional centers have the knowledge of the complex visa program and how to get investments through the
25、 process. Economic development organizations know the local development context, have access to multiple funding streams and tax credits, and are well positioned to identify which projects are best for their communities.Toward Greater Community ImpactUnless regional centers or economic development e
26、ntities attempt to measure the short- and long-term impacts and direct and indirect effects of EB-5 financing, it will continue to be difficult to assess the effects on communities that are supposed to benefit. However, there are a few ways that local leadership can proactively move investments in t
27、he right direction for a region.First, it will take the participation of key municipal actors to use EB-5 financing for projects that offer good economic growth opportunities in low-income communities. Recently, a new regional center to be operated by the state of Michigan was set upthe second state
28、-operated center, after Vermonts. Designation of the center marks an intentional strategy to improve economic development conditions in the distressed city of Detroit and beyond. As the new regional center proceeds, it should be evaluated thoroughly to improve understanding of the economic impact at
29、 the appropriate level of geography. In other words, the impact of any single EB-5-financed project should be first measured as it affects the immediate community.Second, coordination between economic development organizations and regional centers would encourage development projects that are both s
30、trategic and regionally appropriate. It is more likely that new EB-5 development projects will sync better with economic targets if they involve local economic development organizations bringing homegrown goals to the table. Furthermore, economic development agencies might want to consider stipulati
31、ng that a certain percentage of jobs go to local TEA residents, where feasible.Third, tracking the economic impact of individual projects on local communities is valuable. Not only will regions develop a sense of the kind of impact that is possible through these kinds of partnerships, the projects c
32、an serve as models for other regions.Finally, regional development professionals just getting into the EB-5 realm should educate themselves on how the program works in practice, the potential pitfalls, and the risks for both their projects and the immigrants they sponsor. Several existing models for
33、 creating effective partnerships can help development professionals understand the actors, agencies, and hazards of using EB-5 funds for regional economic development.Audrey Singer is a senior fellow at the Brookings Institution, based in Washington, DC. Contact her at ASingerbrookings.edu.Channelin
34、g Foreign Direct Investment to the Inner City through EB-5The federal governments EB-5 Immigrant Investor Program is a tool that cities could use to attract new sources of capital to underserved neighborhoods. The Initiative for a Competitive Inner City (ICIC) spent a year analyzing the economic dev
35、elopment potential of the program and recently released “Increasing Economic Opportunity in Distressed Urban Communities with EB-5.”The EB-5 program has the potential to direct $5 billion to $10 billion annually to inner cities and other underserved areas. Its job-creation requirement means it also
36、has the potential to generate 100,000 jobs annually. ICICs research identified 178 EB-5 projects nationwide, finding that most of the jobs initially created by EB-5 capital were linked to construction for real estate projects. Although construction jobs end, the projects ultimately enable businesses
37、 and organizations with more-permanent jobs to come in.Entrepreneurs may also use EB-5 direct investments to start new businesses. E3 Investment Group, for example, created the E3 Cargo Trucking Company in Indianapolis. The company is structured as a partnership between E3 Investment Group and EB-5
38、investors. Each investor makes a $500,000 investment into the partnership, which finances the purchase and operation of trucks. In addition to the truck drivers, the company will hire people for administrative positions. But more research is needed to fully understand the quantity and quality of job
39、s being created by EB-5 investment.Interest in the program has increased over the last decade, leading to a proliferation of new EB-5 regional centers. ICIC research found that every state has at least one regional center. Although some cities may not be adequately served by the local regional cente
40、r, the biggest problem is a weak or nonexistent relationship between community and economic development organizations and EB-5 centers. Moreover, the regional centers find it increasingly challenging to develop a robust pipeline of suitable investment opportunities. Instead of investing in establish
41、ing new regional centers, which require significant start-up capital, cities should consider building EB-5 networks with community and economic development organizations, philanthropic organizations, and other key stakeholders that could develop strategic EB-5 priorities.Last year there were more th
42、an 6,300 EB-5 applications, and that number is expected to come close to the programs 10,000-visa limit in 2014. Organizations like ICIC that focus on the inner city hope to see that the limited resources target transformative projects that support urban entrepreneurs and create high-quality jobs. A
43、ligning EB-5 center priorities with economic and community development priorities will help move the program in the right direction. Additional policy changes are also critical. The EB-5 program needs to provide stronger incentives or modify its approval process to ensure that EB-5 capital is being
44、used as originally intendedto support projects that would not have been funded otherwise, especially in parts of the country that need it most.Kim Zeuli is senior vice president and director of the research and advisory practice at ICIC, based in Boston. Contact her at kzeuliicic.org.Acknowledgments
45、The ICIC research was supported by the Surdna, Garfield, and Boston foundations.Endnotes1、It appears that as long as the jobs exist at the time the immigrant applies to have conditions removed from the green card, the jobs requirement has been met. There are no criteria for the jobs lasting more tha
46、n two years, a designated period that seems to vary in practice. See http:/www.uscis.gov/working-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/eb-5-immigrant-investor .2、For more on the program, see the U.S. Citizenship and Immigration Services site,http:/www.usc
47、is.gov/working-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/eb-5-immigrant-investor ; Audrey Singer and Camille Galdes, “Improving the EB-5 Investor Visa Program: International Financing for U.S. Regional Economic Development” (report, Brookings Institution, Was
48、hington, DC, 2014),http:/www.brookings.edu/research/reports/2014/02/05-eb-5-investor-visa-program-singer-galdes ; and Kim Zeuli and Brian Hull, “Increasing Economic Opportunity in Distressed Urban Communities” (report, ICIC, Cambridge, Massachusetts, 2014).3、The rules about TEAs are vague. It appear
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